The world of cryptocurrencies is always changing, but right now it seems bitcoin (BTC) to be in a phase of relative calm. Bitcoin has been going down for some time, but there is hope on the horizon according to hedge fund manager Charles Edwards.
The value of Bitcoin is going down
Since bitcoin reached its all-time high ($73,000) in March, the price has only fallen since then. The latest big drop saw the value drop by almost 5%, from $63,000 to $60,000. According to Santiment, an analytical company for such cryptos bitcoin in ethereumthe bottom seems to be slowly coming into view.
Traders show weak interest in buying on the split after Bitcoin’s latest decline. Overall, the lack of confidence from the masses is a strong signal that prices are nearing bottom,” Santiment said in a statement. analysis on X.
According to Edwards, co-founder of crypto hedge fund Capriole, Bitcoin is currently in a difficult period with not much happening. According to him, this period could last up to 6 months, until sometime this summer.
“When you get fed up enough with the side moves, the signals that you think the price is half in, the bull market is over and you sell to buy shares at the lowest level. These signals will peak just before the mega rally,” Charles Edwards said in a statement mail on X.
The same BTC period in 2023
The current period in which Bitcoin is similar to previous periods that the cryptocurrency has experienced. One was in 2023 like ‘boring’ time. Between April and September 2023, Bitcoin was pegged between $25,000 and $30,000. A period of 6 months. What followed after September was growth that continued until March of this year, when Bitcoin’s all-time high value was achieved.
If the price follows the same trend, it seems that a time is coming in which Bitcoin could rise to new heights.
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2024-05-12 17:59:51
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